For compliance professionals and the programs they run, politically exposed persons are a big deal. PEPs trigger money laundering and corruption concerns and therefore attract enhanced due diligence. So, I always assumed PEPs are easy to identify.… Continue Reading
Four federal agencies and state bank regulators said Tuesday that banks are no longer required to file suspicious activity reports for customers solely because they’re growing and cultivating hemp.… Continue Reading
The Federal Deposit Insurance Corporation Wednesday imposed a civil penalty of $140 million against Banamex USA of Century City, California for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations.… Continue Reading
The Federal Deposit Insurance Corporation (FDIC) issued guidance Wednesday encouraging its insured banks to take a risk-based approach in assessing individual customer relationships.
The FDIC said in its Financial Institution Letter that looking at risk on a case-by-case basis is better than declining to provide banking services to entire categories of customers.… Continue Reading
Burke & Herbert Bank & Trust must develop a new top-to-bottom compliance program and hire people to run it under the terms of an order issued by the Federal Deposit Insurance Corporation.… Continue Reading